Quarterly report pursuant to Section 13 or 15(d)

Note 18 - Tax Expense (Tables)

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Note 18 - Tax Expense (Tables)
6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

(in thousands)

 
   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2024

   

2023

   

2024

   

2023

 

Current:

                               

Federal

  $ 225     $ (125 )   $ 250     $ 533  

State

    177             177        

Total Current Tax Expense

    402       (125 )     427       533  
                                 

Deferred:

                               

Federal

                       

State

    (140 )           (113 )      

Total Deferred Tax Expense (Benefit)

    (140 )           (113 )      
                                 

TOTAL TAX PROVISION (BENEFIT)

  $ 262     $ (125 )   $ 314     $ 533  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

(in thousands)

 
   

June 30,

   

December 31,

 
   

2024

   

2023

 

Deferred Income Tax Assets:

               

Fixed Assets and Intangibles

  $ 849     $ 320  

Reserves and Allowances

    45        

Investments

           

Accrued Expenses

    232       60  

Net Operating Losses

    7,564       4,346  

Total

    8,690       4,726  
                 

Deferred Income Tax Liabilities:

               

Fixed Assets and Intangibles

    (1,717 )      

Leases

    (76 )     (152 )

Unrealized Gain on Investments

    (59 )      

Total

    (1,852 )     (152 )
                 

Valuation Allowance

    (8,317 )     (4,574 )

Net Deferred Tax Assets (Liabilities)

  $ (1,479 )   $  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

(in thousands)

 
   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2024

   

2023

   

2024

   

2023

 

Expected Income Tax Expense (Benefit) at Statutory Tax Rate, Net

  $ 5,011     $ (428 )   $ 4,381     $ (112 )

Changes in Income Taxes Resulting From:

                               

State Taxes (Net of Federal Tax Benefits)

    (578 )     (520 )     (745 )     (617 )

Decrease in Valuation Allowance

    2,453       608       2,696       447  

Disposal of Depreciable Assets

          (436 )           (1,074 )

Gain on Write-Down of Assets

          (346 )           (326 )

Non-Deductible 280E

    637       1,020       1,011       2,169  

Change in Fair Value of Investments

    130             43        

Debt Discount

          (28 )           41  

Other Income

    (7,361 )           (7,043 )      

Prior Year Adjustments and Other

    (30 )     5       (29 )     5  

Reported Income Tax Expense (Benefit)

  $ 262     $ (125 )   $ 314     $ 533